Brazil Moves Its Crypto Banking Cut-Off to 6 November as…
By Abdelaziz Fathi
AI summary of the source article
Under Resolution BCB 589, Banco Central do Brasil has pushed the operational banking cut-off for non-compliant crypto counterparties from 30 October to 6 November. The new wording eliminates an explicit reference to firms currently in the authorization process, making an upcoming central bank transition list essential for determining which crypto firms maintain banking access. While the Phase 1 filing deadline for existing virtual-asset service providers remains 30 October, the regulator has already rejected its first license applicant, Higherway Tech Soluções, and indicated it will accelerate refusals for firms failing basic requirements such as capital standards and controller reputation.
Why it matters
The operational cut-off and pending transition list determine which crypto firms can maintain essential banking and payment rails in Brazil as the country enforces its licensing framework.
Key facts
- Resolution BCB 589 moves the banking counterparty cut-off date for unauthorized crypto entities to 6 November.
- Existing virtual-asset service providers still face a Phase 1 filing deadline of 30 October.
- Banco Central do Brasil issued its first licensing refusal against Higherway Tech Soluções, operating as Higher Global Payments.